- Clearway Energy Inc (NYSE:CWEN) has agreed to acquire a portfolio of operating wind projects from Capistrano Wind Partners, LLC for $255 million in cash, plus the assumption of ~$160 million of non-recourse debt.
- The Capistrano Portfolio consists of five utility-scale wind projects representing 413 MW capacity in Texas, Nebraska, and Wyoming.
- The operations, maintenance, and asset management of these projects have been and will continue to be provided by subsidiaries of the company's sponsor, Clearway Group.
- The company has also entered into a Development Agreement, whereby Clearway Group will pay $10 million to the company to fund the acquisition partially.
- The company expects its total long-term corporate capital commitment to acquire the Capistrano Portfolio to be ~$110 million - $130 million, which will be funded with its cash on hand.
- Clearway Energy held cash and equivalents of $466 million as of March 31, 2022.
- The company expects the transaction to close in the second half of 2022.
- Price Action: CWEN shares are trading lower by 0.59% at $35.47 on the last check Tuesday.
